Saturday, April 25, 2009

Thanks to “namesake of the model”

“It should be noted that there is nothing inherently wrong with attempting to mathematically model human behavior. However, what they and others like Prasanta Mahalanobis (namesake of the model) attempted to do was quantify human action using inherently incomplete equations — using false assumptions to fill in for a continually changing series of individual preferences (or in their case, risks/demand).

everything that policy makers – at every level – are doing is more of the same foolhardy economic planning that leads to lower productivity and more financial strain. But, before lamenting the details of any recent political escapades, another aspect should be brought into the fold.”